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UK Housing Market Hurt By Continued Brexit Uncertainty - Rightmove

(Alliance News) - The price of new properties on the UK market fell in September, as normally ...

Alliance News 16 September, 2019 | 6:23AM
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(Alliance News) - The price of new properties on the UK market fell in September, as normally eager buyers hesitate due uncertainty caused by the looming Brexit deadline, according to Rightmove.

The Rightmove Monthly House Price index revealed that the price of newly marketed property fell by an average of 0.2% in September from a year before.

Although underlying housing market fundamentals remain sound, according to Rightmove, Brexit uncertainty has caused some buyers to hesitate.

Nationally, the number of sales agreed dropped by 5.5% from a year before, compared to an increase of 6.1% in August, as all regions saw declines. For the year-to-date, the average sales agreed numbers are down by 3.4% compared to a year ago.

The number of newly marketed properties was down by 7.8% in September compared to the same period a year before, with all regions down. In particular, London saw a drop of more than 20% in new properties coming to market, as some owners wait for a clear Brexit outcome.

"Many have got used to living in the jaws of uncertainty since the referendum over three years ago, and have been getting on with their lives and housing moves. However, as we approach yet another Brexit deadline, there are signs that the increasing gnashing of teeth is causing some to hesitate," said Miles Shipside, Rightmove director and housing market analyst.

"The autumn bounce normally kicks off at the same time as kids go back to school, but this year it's a late starter at best, and if uncertainty persists then the autumn term could be missed altogether and its activities be delayed until the new year. Those who are planning to buy or trade up and can keep their nerve whilst others hesitate may find that they are in a stronger negotiating position to get a favourable deal."

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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